Emas returns two offshore vessels to Singa Offshore

Singapore’s struggling offshore vessel operator Emas Offshore has returned two offshore vessels it had leased from Singa Offshore.

Emas Offshore, working on its debt restructuring, in September applied and was granted a moratorium preventing creditors from enforcing their rights against EOL Restructuring group for a period of 6 months. The moratorium has subsequently been extended until June 2018, or further court order.

In a statement on Monday, Emas said that, under a court order dated March 20, the moratorium was amended to allow for a return two offshore vessels Lewek Kestrel, and Lewek Kea, to the owner Singa Offshore, which had requested that the charter with Emas be terminated, and vessels redelivered.

Emas did not object to this, as it said the vessels were out of class certification with no active charter prospects, and redelivery would help it avoid incurring further maintenance and/or running costs in relation to the two vessels. The Lewek Kea and Lewek Kestrel are both fire-fighting anchor handling tug vessels built in 2008, and 2007, respectively.

According to EMAS, the company on April 17 “re-delivered the vessels to a new owner at the request of assistance by [Singa Offshore].” Emas did not say which company took over the vessels.

Oslo delisting repealed

In February this year, Oslo Stock Exchange said it would delist the shares of Emas Offshore from trading with effect from April 27, 2018.

The offshore services provider said the decision was detrimental to its ongoing restructuring efforts and then appealed to the Stock Exchange Appeals Committee against the resolution to delist the shares.

The Stock Exchange Appeals Committee last week repealed Oslo Børs’ resolution of 16th of February 2018 to delist EMAS Offshore Limited.

The Oslo Stock Exchange had based its decision to delist Emas’ shares “on the company’s inability to disclose financial information within the prescribed deadlines under the Oslo Stock Exchange listing rules.”

Offshore Energy Today Staff

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